US News MOSCOW/LONDON – When engineers at Russian oil firm Lukoil discovered a turbine had broken at their largest refinery on January 4, they quickly realised the problem was far from trivial. There was only one company that knew how to repair the gasoline-producing unit at the NORSI refinery, located on the Volga River, some 430 km (270 miles) east
Yahoo News PUNTO FIJO/CARACAS/HOUSTON – Iran and Venezuela are trying to patch together an oil alliance that began to fray last year, according to six people familiar with the matter, after the South American country fell behind on oil swaps that had boosted crude exports and helped stem domestic fuel shortages. The expected April return of U.S. sanctions on Venezuela’s
World Oil (Bloomberg) – Russia’s biggest liquefied natural gas (LNG) producer began production at its Arctic LNG 2 project — despite U.S. sanctions — in a move that could provide some relief to the tight global market for the fuel. The first train of the Novatek PJSC-led Arctic LNG 2 project “has actually started operating,” Russia’s Deputy Prime Minister Alexander
Investing LONDON -Oil prices leapt more than $3 on Friday after the U.S. tightened its sanctions programme against Russian crude exports, raising supply concerns in an already tight market, with global inventories forecast to decline through the fourth quarter. Brent futures rose $3.30 to $89.30 per barrel as of 1311 GMT. US West Texas Intermediate (WTI) crude gained $3.32 to $86.23
Oil Price Russian revenues from oil fell in February as exports declined after the EU embargo on oil product imports from Russia by sea, the International Energy Agency (IEA) said on Wednesday. Last month, Russia’s total oil exports dropped by 500,000 barrels per day (bpd) to 7.5 million bpd as the EU embargo on refined oil products came into
Oil Price The world’s largest crude importer and main customer of Iranian oil, China, is seeking increasingly closer ties with Iran while the United States steps up pressure on the Islamic Republic’s oil exports. Source: Reuters Chinese President Xi Jinping pledged to continue to develop “friendly cooperation” with Iran during a visit of Iranian President Ebrahim Raisi to Beijing this week. “Xi
BOE Report Equinor said European Union sanctions had prevented it from providing services and equipment to inspect the damaged Nord Stream gas pipelines last year, revealing for the first time why Norwegian assistance was not forthcoming. In September, several unexplained underwater explosions ruptured the Nord Stream 1 and Nord Stream 2 pipelines, each more than 1,200-km-long, that link Russia and Germany
CNBC Oil prices edged higher on Monday in a volatile session as investors waited for any moves against Russian oil and gas exports that might come out of a meeting of leaders of the Group of Seven (G7) nations in Germany. Brent crude futures rose $1.12, or 1%, to $114.28 a barrel, while U.S. West Texas Intermediate crude was up $1.33, or
Reuters As the Biden administration contemplates expanding punitive measures on Russia for its invasion of Ukraine, a big hurdle lies closer to home: the American consumer. U.S. drivers are embarking on summer vacations with gasoline prices averaging more than $5 a gallon for the first time ever. And rising oil and natural gas prices are helping to boost inflation
World Oil (Bloomberg) — The European Union’s ban on seaborne imports of Russian petroleum in response to Russia’s invasion of Ukraine will lead to an 18% drop in the country’s fuel output by the end of next year, the Energy Information Administration (EIA) said in a monthly report. Production of Russian liquid fuels is set to reach 9.3 million barrels
Reuters Kazakhstan is changing the name of the oil it exports via Russian sea ports to Kazakhstan Export Blend Crude Oil (KEBCO) to dissociate it from oil originating in Russia in order to avoid sanction risks and issues with financing. “Due to recent significant geopolitical changes … and to avoid negative effect of the changes on Kazakh oil exports via
Yahoo Finance LONDON -Oil prices were mixed on Monday as investor fears of a global recession spurred by lockdowns in China and weak economic data vied with signs the European Union was stepping closer to an import ban on Russian crude. Brent crude was down 18 cents, or 0.2%, at $111.37 a barrel at 1342 GMT, while U.S. West Texas
